Agreed value insurance on a car with no modifications.
Discussion
I've tried ringing a few brokers, but it appears they're mostly closed on a Saturday. I have one ringing me back later.
I have an MG TF on a 2005 registration and I'm in a bit of a quandary over insurance. I bought the car last year and have spend a lot of time and money getting it back to scratch. Everything has been overhauled and upgrade / replacement pars fitted where necessary.
I paid £2,400 for the car and have since spent nigh on £11,000 getting it now I want it (no comments please, it's my car and ill spend money as I want!).
Obviously if I insure it and get it on the road, and it is then written off, any normal insurance company is probAly going to offer me <£1000 for it.
Most brokers that offer agreed value state on their websites that cars must be "classic or modified". I wouldn't say my car is either, really.
I realise no broker is going to settle on a value that coves the cost of everything I have had done, but it would be nice to be able to "gamble a bit less" for want of a better expression.
I have an MG TF on a 2005 registration and I'm in a bit of a quandary over insurance. I bought the car last year and have spend a lot of time and money getting it back to scratch. Everything has been overhauled and upgrade / replacement pars fitted where necessary.
I paid £2,400 for the car and have since spent nigh on £11,000 getting it now I want it (no comments please, it's my car and ill spend money as I want!).
Obviously if I insure it and get it on the road, and it is then written off, any normal insurance company is probAly going to offer me <£1000 for it.
Most brokers that offer agreed value state on their websites that cars must be "classic or modified". I wouldn't say my car is either, really.
I realise no broker is going to settle on a value that coves the cost of everything I have had done, but it would be nice to be able to "gamble a bit less" for want of a better expression.
davepoth said:
Surely you haven't done £11,000 worth of work to the car and left it in exactly the spec it left the factory in? What have you done to it?
As I said updated parts have been fitted where necessary. Nothing that would constitute a "modification" though, really. Maybe it does... I don't know. Actually the suspension stuff probably would count as mods?
SebastienClement said:
Zoobeef said:
Yes you should be able to insure it at an agreed price, they'll just inflate the premium to compensate. If most are shut today prob best to wait till monday
So do you reckon it's best to insure normally and just shove a bit to one side in case the worst happened?simoid said:
SebastienClement said:
Zoobeef said:
Yes you should be able to insure it at an agreed price, they'll just inflate the premium to compensate. If most are shut today prob best to wait till monday
So do you reckon it's best to insure normally and just shove a bit to one side in case the worst happened?Unless somebody knows different, you'll need a valuation from an Owner's Club (or similar) to establish the 'value to be agreed'. You can't (AFAIK) just pluck a figure out of the air and insure it for that.
Or at least, that was always the case when I had the classic Lotus, but things may have changed since then...
Or at least, that was always the case when I had the classic Lotus, but things may have changed since then...
littleredrooster said:
Unless somebody knows different, you'll need a valuation from an Owner's Club (or similar) to establish the 'value to be agreed'. You can't (AFAIK) just pluck a figure out of the air and insure it for that.
Or at least, that was always the case when I had the classic Lotus, but things may have changed since then...
As far as I understand it the insurance company asks for evidence of work, and offers a figure based on that?Or at least, that was always the case when I had the classic Lotus, but things may have changed since then...
I'm well aware I would get an agreed figure of nowhere near the 'value' of the car to me.
Give Need2Insure a call. I have an agreed value and classic insurance on mine.
As said above most insurance companies will view 'upgrades' as 'modifications'.
As also said above, you need to get a valuation preferably from the 'owners club' but you can get one from say.....a detailer as well.
As said above most insurance companies will view 'upgrades' as 'modifications'.
As also said above, you need to get a valuation preferably from the 'owners club' but you can get one from say.....a detailer as well.
I have an agreed valuation insurance policy with Lancaster on my Defender http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
My defender has little in the way of actual modifications but I provided copies of all my invoices along with photographs of the vehicle and managed to obtain the agreed value I was looking for. Hope that helps
My defender has little in the way of actual modifications but I provided copies of all my invoices along with photographs of the vehicle and managed to obtain the agreed value I was looking for. Hope that helps
SebastienClement said:
Riley Blue said:
OP wrote "Everything has been overhauled and upgrade / replacement pars fitted where necessary"
'Upgraded' as in non-standard equals modified doesn't it?
Would something such as an Upgraded head gasket be classed as a modification then? Genuine question 'Upgraded' as in non-standard equals modified doesn't it?
Riley Blue said:
SebastienClement said:
Riley Blue said:
OP wrote "Everything has been overhauled and upgrade / replacement pars fitted where necessary"
'Upgraded' as in non-standard equals modified doesn't it?
Would something such as an Upgraded head gasket be classed as a modification then? Genuine question 'Upgraded' as in non-standard equals modified doesn't it?
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